How Important is a Mentorship when starting out?

Member since 2023 · 1 post · 1 vote

3y

Hi Richard, as someone who has had the same exact thoughts recently, I really appreciate you taking the time to write out this post! I firmly believe in the power of mentorship in learning any skill in life.

To add onto your post, I would also like to ask this community as well if there are any well-known/reputable ways in finding a mentor.

Cheers!

1 Reply

Joe VilleneuvePro Member

Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes

3y

It's very important.

1 Reply

Anwar NasirPro Member

Philadelphia, PA · Member since 2015 · 22 posts · 6 votes

3y

Mentors are helpful, can be expensive, and you don't always get what you think you paid for. Read the fine print, know what you want, need, and are getting. That is extremely important.

1 Reply

Shiloh LundahlPro Member

Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes

3y

@Richard Darnell, @Thomas Le, and @Anwar Nasir This question comes up often on BiggerPockets so I will share a few things that I have found over time and with my personal experience.

First off, mentors and coaches are often looked at or viewed the same way. I see them as very different and they have different roles. The biggest difference is that coaches have a defined role that is transactional and they usually get paid for their work in coaching. Mentors are usually people you look up to and establish an unpaid relationship with and there are no defined expectations of the mentor or mentee. Coaches tend to be easier to find because they advertise for the services, however, mentors appear to be more difficult to find because your life may need to overlap with their life somehow in a way that doesn't impose on the mentor's life. Examples of mentors could be a mother or a father, an uncle or a neighbor, a high school teacher or college professor, or even a boss, a friend, or an AA sponsor. All of these people can make great mentors. The relationships can be organic and things can be learned over time through that association.

Good coaches make coaching their craft and they learn as much as they can about the topic they coach. Think of people like Phil Jackson (Michael Jordan's Coach), Vince Lombardi, Bill Belichick (Coach for the Patriots), John Wooden (the famous UCLA basketball coach), or Cael Sanderson (current wrestling coach for Penn State). All of these people help the people they coach get to the highest level of achievement that they are capable of. That is their goal, to help their players perform at a level better than the players would be able to preform without them. That is what a coach does. A coaches job is to help someone play at a level better than they can do without the coach. But there is a cost for the time and effort that a coach devotes to someone. And that cost is usually paid by the person wanting the coaching or by a team owner or organization that wants that person to perform at a level that will make the owner or organization money.

As for my own personal journey, I have had both coaches and mentors. I first started investing in 2010 after reading the book Rich Dad, Poor Dad, by buying a house in my neighborhood that was at market value. Good for me the market was depressed and I was able to ride the wave of appreciation and make about 50k after 5 years of owning the selling that house. I then spent about 50k on one of those expensive real estate investing guru type programs and an additional 25k on individual coaching. I also connected with a buddy who was recovering from the real estate market crash but that had a lot of experience and knowledge about investing in real estate. This buddy really played the role of a mentor to me and I found a few more mentors along the way. All of those associations, along with networking helped me build a portfolio of around 250 units (80 SFH, 100 mobile homes in parks, 30 in multi-family, and a commercial building).

As I mentioned, my first deal I made about 50k on over a 5 year period of time. You can compare that to the last 2 properties that I purchased in March, 2023. One I bought for 147k and I put 50k into fixing it up, including closing costs and holding costs. The appraisal came back on that property for 338k. The other property I bought for $211,500. I put about 8k into fixing it up and the appraisal come back for 357k. Additionally, a partner and I built a real estate company with assets of over 20 million and 8 million in equity within a 6 year period of time. These are the results that I got after coaching and mentorships.

So to answer your questions, yes to all your above questions. Some of the answers came from mentors and some of the answers came from paid coaches. So for me, both mentors and coaches have had a very valuable role in my life and my success as a real estate investor, as mentor to a few, and a coach to others.

Hopefully this post has been helpful in understanding some of the differences between mentors and coaches and you can see the benefit of each.

480-206-1209 Podcast Guest on Show #287

4 Reply

Emma Powell

Investor · Orlando FL · Member since 2018 · 64 posts · 69 votes

3y

You are going after the low-hanging fruit first, books/podcasts/forums etc, which is awesome. Mentorship is very important especially if you have no background in finance or investing, an unsupportive family or friend group, etc.

If there is a paid mentorship you are considering, consumer all the free content of several of them first before deciding.

We run a free non-profit investing club for commercial real estate investing that meets every Monday night as I wanted to create a place where any money invested goes straight into a deal rather than a coach's pocket. We can't guarantee results or returns just as no coach can, but we can guarantee that investing with a club (we use TribeVest to create each club) will be in an actual deal. Too many people frustrated years after joining expensive mentorships that they still haven't found/done a deal.

If you have enough money to pay for an expensive mentorship, sometimes just putting in a hard-money fund or similar is a better plan. Those guys KNOW the market, and if you put money with someone, they better answer your phone call! That's how I got started, and when I went commercial, those who mentored me were calling me for advice and to invest: that's a win win!

3 Reply

Caleb Miller

Member since 2023 · 11 posts · 11 votes

3y

Thanks for posting.

I find myself in the same position that you are in. I don't know anyone personally who regularly invests in real estate. I know a lot of people with 1 investment property that never really expanded from there. I basically surpassed all of those folks in knowledge in the first few months of consuming information. After months of analysis paralysis, I eventually purchased my first STR. Now, I am on to the next thing and find the real estate options overwhelming and am not sure what is the right thing or wrong thing to do. I don't want to pay thousands of dollars for a coach but wish I had an experienced investor to bounce ideas off of or to partner with.

It seems like everyone I listen to on podcasts had help from another more experienced investor starting out that helped blaze the trail for them. Wish I had that too.

3 Reply

Sheri FluellenBusiness Member

Real Estate Agent · Cheyenne, WY · Member since 2020 · 122 posts · 64 votes

3y

This is a really good question, especially evidenced by the comments of those replying!! I have been actively investing 16 years and have been a Psychologist and now coach for equally as long. I'll share my perspective and what I'd encourage you to do. Mentorship/Coaching can extremely helpful if you want to shave time off your learning curve. A good M/C can help you focus on what is most important and not get sidetracked or stuck in areas. A good M/C IS an investment. You will likely not see a quick ROI. Although I believe you will see the value of one very quickly. IF you have the desire to quicken the path and would like to invest, be intentional about WHAT you need out of the M/C. Is it someone to tell you what to do, to help guide your thinking process, to bounce your ideas off of, as accountability to doing the work, to help increase your clarity and thus focused action, to help provide framework for investing, or to help provide framework for how to reduce bottlenecks, etc. There are a long list of things that can be helped by a good M/C. But if you can get more clear on what you need in this stage, then you can find the M/C that is more specifically geared to helping solve that problem with you. Also, generally speaking, a Mentor will tell you what you need to do to accomplish X (this is extremely helpful if you KNOW you want to be a general partner in a NNN commercial syndication in the next 6 months, for example). A Coach will typically provide the guidance you need through recognizing your patterns, areas of challenges, and stuck points. Often in the investing space, it also might be helping the investor determine what is the best area for them to focus on first in investing, as it can be overwhelming. And then to prioritize actions and setting targets. They don't "tell you what to do", but understand the principles that are involved in good decision making (and other aspects to life and business) and help you to make your own best decisions. Ideally, having a session with a coach or Mentor to understand their style and their areas of focus is good because it helps you see if it's a fit for you. Hope this helps!!

[email protected]307-772-1185

The Titan Real Estate Team, Real Broker52 Reviews

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0 Reply

John M.

Investor · Fairfax, VA · Member since 2015 · 1k+ posts · 797 votes

3y

Whatever you do don't pay for one of those overpriced mastermind/mentor programs. The best way to learn is to take people to lunch that are in your field of interest and pick their brain. Real estate is not a one size fit's all category so choosing only one mentor is not wise. Go to local real estate meetups and see what others are doing. It's amazing to me how excited people get about their asset type! Also you can learn using bigger pockets, podcasts or even twitter. I used twitter to learn about multi tenant flex B industrial space. It took me maybe a total of 2 hours to make connections, scroll for content, and ask the questions I needed to move forward.

2 Reply

Becca F.

Rental Property Investor · San Francisco Bay Area · Member since 2022 · 1k+ posts · 1k+ votes

3y

Quote from @John M.:

Whatever you do don't pay for one of those overpriced mastermind/mentor programs. The best way to learn is to take people to lunch that are in your field of interest and pick their brain. Real estate is not a one size fit's all category so choosing only one mentor is not wise. Go to local real estate meetups and see what others are doing. It's amazing to me how excited people get about their asset type! Also you can learn using bigger pockets, podcasts or even twitter. I used twitter to learn about multi tenant flex B industrial space. It took me maybe a total of 2 hours to make connections, scroll for content, and ask the questions I needed to move forward.

This is spot on! I attended the free webinars of a few real estate investors/gurus. They get everyone hyped up and it costs anywhere from $500 to $35,000. Their free information on YouTube or podcasts is fine but spending thousands of dollars is ridiculous but I guess that's how they make make money selling mentorships/courses. That money could be used towards a down payment on a property.

I have mentors in the two states (California and Indiana) I invest in, both friends who because financially free from their W2 jobs with real estate investing. They started before 2014 so not in the current market of higher prices and interest rates. I've learned about being a landlord - I self manage one property. My contractor had lots information and made recommendations as to what would save me money and work better with renters vs. primary homeowners. Being on site each week to see the renovation was helpful before attempting to do a fix and flip or BRRRR out of state (my next project).

I've networked with many people on BP including an out-of-state real estate agent who works mostly with investors, who also put me in touch with an experienced investor. I can't say enough good things about my Realtor. This was the game changer with analyzing properties as far as fix and flips, long term rentals or mid term rentals. I flew out there and drove around with my realtor. She has a team of contractors, inspectors, lenders, etc. Seeing which neighborhoods are better as flips and which are better for rentals and walking through the properties - pictures and videos hide lots of things. Going just by zip code is not always helpful - sometimes it's street by street.

2 Reply

Anwar NasirPro Member

Philadelphia, PA · Member since 2015 · 22 posts · 6 votes

3y

Thanks for that information.

As you mentioned, coaches are not hard to find and most of the time they market themselves as mentors.

I have had little to no success with either, and because my funds are very limited due to bad choices, tax debt, and investments I am stuck with nothing more than a dream of creating affordable housing for those struggling and with a similar background as mine.

Recently I purchase a mentorship program that cost $18,000 using a credit card and that investment has done nothing more than create the fear of destroying my credit if I don't continue paying $400.00 per month. If I don't pay that off quickly over time that so called mentorship will cost $36,000.

That seemed at the time like a good investment because I was led to believe that I would have a deal in under 90 days and I decided out of financial desperation.

Hopefully if I don't throw in the towel I'll find success along the way, pay that off, and move on to the next deal.

Thanks again!

1 Reply

Joe VilleneuvePro Member

Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes

3y

For all those saying you don't need a mentor, or you shouldn't pay for the brain of someone with more experience than you, I wonder how much they know of what they don't know?

1 Reply

Joe S.Pro Member

Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes

3y

The challenge is finding real gold instead of fools gold.
Not everyone markets themselves as a coach has an inside lane to success.

I paid for a coaching program about 17 years ago.
The first two instructors they stuck me with was not a good fit. The first instructor sounded like a young kid and I asked him how many properties he owned and he stuttered around and said none. The next guy was telling us about how to fertilize the front yards of properties We were looking to sell. We asked to be put with still a different instructor. That instructor was a good fit and even provided us with a number of his forms which we did use for years. He actually was involved in creative finance which was exactly what I needed whereas I had been self-employed almost all of my life and did not have a standard w2 like regular employees would. I got well over most of my knowledge from real estate by way of self study and doing deals. I got my hands on a secondhand course or two back in the day as well.

0 Reply

Shiloh LundahlPro Member

Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes

3y

@Caleb Miller just out of curiosity, you state that you don’t want to pay “thousands of dollars for a coach.” Is that because you don’t have the funds to do that, you don’t think that coaching would be helpful, you are not sure which coach would be helpful or how helpful they would be, or you just want to get access to the information and experience from a coach for free?

480-206-1209 Podcast Guest on Show #287

0 Reply

Caleb Miller

Member since 2023 · 11 posts · 11 votes

3y

Quote from @Shiloh Lundahl:

@Caleb Miller just out of curiosity, you state that you don’t want to pay “thousands of dollars for a coach.” Is that because you don’t have the funds to do that, you don’t think that coaching would be helpful, you are not sure which coach would be helpful or how helpful they would be, or you just want to get access to the information and experience from a coach for free?

I may be too idealistic but what I want is more of a mentor/role model relationship. Someone that can take me under their wing irrespective of potential financial benefit to them. I in turn, would then hope to do that to others later and pay it forward. I have a few of these relationships in my legal career and their counsel and friendship has been instrumental to my success. I've tried to do the same with younger lawyers.

I guess I like the idea of more of an investment and face to face relationship with a person than a more narrowly tailored coaching relationship. That's just me though and more reflective of my personality. I know coaching can be a wonderful tool for many investors.

0 Reply

Bob S.

Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes

3y

Quote from @Richard Darnell:

Hi everyone!

I've been immersed in studying real estate investing, particularly wholesaling, but also fix and flip, and buy and hold strategies for the past six months and I'm dedicated to making this a successful venture. However, lately, I've been wondering the importance of having a mentor in this journey and wondering if I’m missing out on some serious growth without one.

My current career is a travel nurse but I‘ve taken time off to work full time in the real estate investing world and I would greatly appreciate your insights and experiences on this matter.

While I've been diligently educating myself through books (Rich Dad Poor Dad, The Richest Man in Babylon, multiple books on flipping houses by J. Scott, Mobile Home Flipping, and many more), YouTube resources (like the bigger pockets podcast, both on and off market wholesaling strategies by Jerry Norton, Jamil Damji, and Flip with Rick) , and forums like this one, I can't help but wonder if I'm missing out on the valuable guidance and support that a mentor can provide. I understand that investing in real estate, especially in the beginning stages, can be overwhelming, and having someone who has been through it all could potentially save me from costly mistakes and help me accelerate my progress.

So, I wanted to open up a discussion and ask: How important is mentorship when starting out in acquiring properties? Have any of you found success without a mentor, or do you believe having one is crucial? What specific benefits have you gained from having a mentor, if you had one?

Here are a few points I'm particularly interested in:

Practical knowledge and expertise: Did having a mentor provide you with hands-on knowledge and practical tips that you couldn't have learned from books or courses alone?
Networking opportunities: Did your mentor help you establish valuable connections within the real estate industry, such as with contractors, agents, or other investors?
Accountability and motivation: How did having a mentor keep you accountable and motivated during challenging times? Did they push you to take action and strive for success?
Avoiding pitfalls and costly mistakes: Were there instances where your mentor's guidance helped you avoid common pitfalls or costly errors that you might have otherwise made as a beginner?
Accelerated learning curve: Did having a mentor help you shorten the learning curve and achieve your goals faster? Did they share valuable strategies, resources, or insights that made a significant impact on your success?

I genuinely believe in the power of mentorship, but I also understand that everyone's journey is unique, and what works for one person may not work for another. I'd love to hear your experiences and opinions, both from those who have had mentors and those who have succeeded without one.

If you have any advice, please feel free to share as well. Your guidance can help me and others who are considering the same path.

Thank you in advance for your input and support!

Best regards, Richard Darnell

Incredibly important, THROW way all your books, I know I know everyone is going to bash me for saying that. Sure you can pick up a thing or two but in NOWAY will it provide reality for you. I have done 100sn and 100s and 100s of deals, never once reading a RE book or going to a seminar and have done it all,,, Hands on is where its atl

Good luck

BTW its ALL about numbers nothing else. Lastly its PRICE PRICE PRICE, not location location location, to a point, again I will get bashed for saying that LOL

6 Reply

Shiloh LundahlPro Member

Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes

3y

@Caleb Miller what you are describing sounds like a father figure type. It sounds great, but I don't see that happen very often. I think it is because of the simple fact that people are busy. People have families and often time's their spouses don't want them away from the family any more than is necessary because they are already busy and probably don't spend as much time with the family as the spouse would like. It can be justified by saying that you are getting paid to help someone learn, but unless you are a relative or close friend, the mentor role is hard to find.

I have 5 kids, and I have several nephews and a family friend in his 20's. I have tried to mentor them or offer mentorship to them, but none have really taken me up on the offer yet. So now I coach instead. It is transactional, but once someone gets more knowledge and experience, it starts to open them up to more relationships. And those relationships can develop more into mentor-type relationships. For example, one of my mentor relationships developed from going to a one of the expensive guru training and building a relationship with one of the presenters. I wouldn't have been able to build that relationship without spending money on the program.

I just don't see mentor type relationships being developed at local REIA meetings.

At one of the real estate investor retreats that I held at my properties in Costa Rica last year there were some retreat attendees that were less experienced than others. The retreat lasted 6 days and the less experienced investors were able to develop good relationships with those who were more experienced and those relationships have continued. So that might be a good avenue to consider - going to a retreat or being involved in a mastermind type program that gives you access to successful people over a several day period of time in a relaxed setting. That may be a good avenue to develop the relationships you are looking for.

480-206-1209 Podcast Guest on Show #287

0 Reply

Anwar NasirPro Member

Philadelphia, PA · Member since 2015 · 22 posts · 6 votes

3y

Quote from @Joe S.:

The challenge is finding real gold instead of fools gold.
Not everyone markets themselves as a coach has an inside lane to success.

I paid for a coaching program about 17 years ago.
The first two instructors they stuck me with was not a good fit. The first instructor sounded like a young kid and I asked him how many properties he owned and he stuttered around and said none. The next guy was telling us about how to fertilize the front yards of properties We were looking to sell. We asked to be put with still a different instructor. That instructor was a good fit and even provided us with a number of his forms which we did use for years. He actually was involved in creative finance which was exactly what I needed whereas I had been self-employed almost all of my life and did not have a standard w2 like regular employees would. I got well over most of my knowledge from real estate by way of self study and doing deals. I got my hands on a secondhand course or two back in the day as well.

0 Reply

Anwar NasirPro Member

Philadelphia, PA · Member since 2015 · 22 posts · 6 votes

3y

I purchased what is marketed as coaching and or a mentor program membership. I believe that was the biggest mistake I've ever made, and as a result will more than likely damage my credit if I do not continue and finish paying for. $18,000 for nothing more than email articles. My biggest problem is that I need to overcome the fear of cold calling and just call sellers or property owners and at least try to put deals together. Because I've studied several other courses and read quite a few books, most of what I need to know to get started I know. I over analyze and procrastinate, and think that I just can't succeed without spending more money looking for something that I don't really need. Right now I am not trying to do complex deals such as simultaneous closing, co wholesaling or structuring deals for short sales.

0 Reply

Joe S.Pro Member

Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes

3y

Quote from @Anwar Nasir:

I purchased what is marketed as coaching and or a mentor program membership. I believe that was the biggest mistake I've ever made, and as a result will more than likely damage my credit if I do not continue and finish paying for. $18,000 for nothing more than email articles. My biggest problem is that I need to overcome the fear of cold calling and just call sellers or property owners and at least try to put deals together. Because I've studied several other courses and read quite a few books, most of what I need to know to get started I know. I over analyze and procrastinate, and think that I just can't succeed without spending more money looking for something that I don't really need. Right now I am not trying to do complex deals such as simultaneous closing, co wholesaling or structuring deals for short sales.

18,000 for email articles. I’m sure for 30,000 they might let you join the Facebook group.

0 Reply

Becca F.

Rental Property Investor · San Francisco Bay Area · Member since 2022 · 1k+ posts · 1k+ votes

3y

Quote from @Anwar Nasir:

I purchased what is marketed as coaching and or a mentor program membership. I believe that was the biggest mistake I've ever made, and as a result will more than likely damage my credit if I do not continue and finish paying for. $18,000 for nothing more than email articles. My biggest problem is that I need to overcome the fear of cold calling and just call sellers or property owners and at least try to put deals together. Because I've studied several other courses and read quite a few books, most of what I need to know to get started I know. I over analyze and procrastinate, and think that I just can't succeed without spending more money looking for something that I don't really need. Right now I am not trying to do complex deals such as simultaneous closing, co wholesaling or structuring deals for short sales.

Sorry this happened to you. Are you getting a 1:1 coach with this mentorship program? If you're getting nothing but articles emailed to you with no direct coaching, that seems like bordering on fraud for $18,000. Can you dispute this with your credit card company and stop pay the payments or do a BBB complaint? What was in the agreement you signed with this program?

0 Reply

Anwar NasirPro Member

Philadelphia, PA · Member since 2015 · 22 posts · 6 votes

3y

The first mistake I made was that I did not take the time to really read the contract to get a clear understanding of what I was getting myself into.

I was convinced that with a coach/mentor I would achieve success within 90 days of a 6 month program.

My problem is that even though I was assigned two different coaches, I was never coached.

Goals were never discussed and there was never a plan for success.

0 Reply

Joe VilleneuvePro Member

Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes

3y

Quote from @Anwar Nasir:

The first mistake I made was that I did not take the time to really read the contract to get a clear understanding of what I was getting myself into.

I was convinced that with a coach/mentor I would achieve success within 90 days of a 6 month program.

My problem is that even though I was assigned two different coaches, I was never coached.

Goals were never discussed and there was never a plan for success.

Bad program doesn't mean bad option.

0 Reply

Anwar NasirPro Member

Philadelphia, PA · Member since 2015 · 22 posts · 6 votes

3y

Quote from @Joe Villeneuve:

Quote from @Anwar Nasir:

The first mistake I made was that I did not take the time to really read the contract to get a clear understanding of what I was getting myself into.

I was convinced that with a coach/mentor I would achieve success within 90 days of a 6 month program.

My problem is that even though I was assigned two different coaches, I was never coached.

Goals were never discussed and there was never a plan for success.

Bad program doesn't mean bad option.

So true.

1 Reply

Barry Ruby

Developer · Boulder, CO · Member since 2018 · 530 posts · 365 votes

3y

@Joe Villeneuve

BINGO!!!

0 Reply

Barry Ruby

Developer · Boulder, CO · Member since 2018 · 530 posts · 365 votes

3y

@Joe Villeneuve

BINGO!!!

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How Important is a Mentorship when starting out?

How Important is a Mentorship when starting out?

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